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Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Cash Flow Hedges Included in AOCI

The derivative instruments designated as cash flow hedges included in AOCL as of September 30, 2023 and December 31, 2022 are reflected below:

Derivatives in Cash Flow Hedging Relationships						Gains (Losses) included in AOCL as of
(in millions)						September 30, 2023						December 31, 2022
Commodity contracts, net of income tax effect of $19 and $3, respectively						$	(56)					$	8
Foreign currency contracts, net of income tax effect of $1 and $—, respectively						(1)						1
Interest rate contracts, net of income tax effect of $1						(3)						(3)
Total						$	(60)					$	6

Schedule of Fair Value and Balance Sheet Location of Derivative Instruments

The fair value and balance sheet location of our derivative instruments, presented gross in the Condensed Consolidated Balance Sheets, are reflected below:

						Fair Value of Hedging Instruments as of September 30, 2023
						Designated Hedging Instruments (in millions)																		Non-Designated Hedging Instruments (in millions)
Balance Sheet Location						Commodity Contracts						Foreign Currency Contracts						Total						Commodity Contracts						Foreign Currency Contracts						Total
Accounts receivable, net						$	5					$	14					$	19					$	1					$	8					$	9
Other assets						1						11						12						—						—						—
Assets						6						25						31						1						8						9
Accounts payable and accrued liabilities						56						19						75						2						7						9
Non-current liabilities						2						4						6						—						1						1
Liabilities						58						23						81						2						8						10
Net Assets/(Liabilities)						$	(52)					$	2					$	(50)					$	(1)					$	—					$	(1)

						Fair Value of Hedging Instruments as of December 31, 2022
						Designated Hedging Instruments (in millions)																		Non-Designated Hedging Instruments (in millions)
Balance Sheet Location						Commodity Contracts						Foreign Currency Contracts						Total						Commodity Contracts						Foreign Currency Contracts						Total
Accounts receivable, net						$	28					$	20					$	48					$	—					$	5					$	5
Other assets						1						6						7						—						—						—
Assets						29						26						55						—						5						5
Accounts payable and accrued liabilities						22						23						45						1						6						7
Non-current liabilities						3						9						12						—						—						—
Liabilities						25						32						57						1						6						7
Net Assets/(Liabilities)						$	4					$	(6)					$	(2)					$	(1)					$	(1)					$	(2)

Schedule of Amount of Gains and Losses Recognized in OCI and Income Statement Location

Additional information relating to our derivative instruments is presented below:

Derivatives in Cash Flow						Gains (Losses) Recognized in AOCL on Derivatives																		Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships						Three Months Ended September 30,												Income Statement						Three Months Ended September 30,
(in millions)						2023						2022						Location						2023						2022
Commodity contracts						$	(10)					$	72					Cost of sales						$	(37)					$	72
Foreign currency contracts						4						3						Net sales/Cost of sales						3						1
Total						$	(6)					$	75											$	(34)					$	73

Derivatives in Cash Flow						Gains (Losses) Recognized in AOCL on Derivatives																		Gains (Losses) Reclassified from AOCL into Income
Hedging Relationships						Nine Months Ended September 30,												Income Statement						Nine Months Ended September 30,
(in millions)						2023						2022						Location						2023						2022
Commodity contracts						$	(132)					$	240					Cost of sales						$	(46)					$	197
Foreign currency contracts						9						14						Net sales/Cost of sales						10						4
Total						$	(123)					$	254											$	(36)					$	201

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Tabular disclosure of gain (loss) on derivative and nonderivative instruments designated and qualifying as cash flow hedge recorded in accumulated other comprehensive income (AOCI) and reclassified into earnings.

+ References

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-Name Accounting Standards Codification
-Topic 815
-SubTopic 10
-Section 50
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Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments.

+ References

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-SubTopic 10
-Name Accounting Standards Codification
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Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position.

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